Sorbent Therapeutics, a biopharmaceutical company, has expanded its Series B financing from September 2010 by $36 million. This brings the total proceeds of the second financing round to $53 million. Investor Novartis Venture Funds led the financing, joining existing investors Sofinnova Ventures, ARCH Venture Partners, CMEA Capital and AgeChem.
"Sorbent's CLP platform presents an attractive investment opportunity and we are especially encouraged by the clinical data that Sorbent has generated to date, which shows promise for various indications in the cardio-renal field," said Markus Goebel, M.D., Ph.D., managing director of Novartis Venture Funds.
"The financing will enable Sorbent to complete phase II of its lead program in heart failure, CLP1001,” said Detlef Albrecht, M.D., president and CEO of Sorbent.